A consortium led by Japan Industrial Partners (JIP) has formally submitted a proposal to Toshiba Corp (6502.T) to take the troubled conglomerate private after securing commitments for 1.4 trillion yen ($10.6 billion) of loans, sources said.
Major Japanese banks, including Sumitomo Mitsui Financial Group (8316.T), had issued letters of commitment to provide the loans to the JIP-led group, said two of the sources, who declined to be identified because the information has not been made public.
The 1.4 trillion yen of loans included a commitment line of 200 billion yen for working capital, the sources said.
The final buyout proposal would also include an equity portion of about 1 trillion yen, they said. Whether that amount has been finalised is not clear, however.
The Nikkei business daily reported a final buyout proposal worth around 2 trillion yen.
Sources have previously said the equity would be provided by a number of Japanese companies, including financial services group Orix Corp (8591.T), chipmaker Rohm Co Ltd (6963.T) and Japan Post Bank (7182.T).
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